{"id":1857,"date":"2024-09-20T20:07:08","date_gmt":"2024-09-20T20:07:08","guid":{"rendered":"https:\/\/financeify.ca\/?p=1857"},"modified":"2024-09-20T20:07:08","modified_gmt":"2024-09-20T20:07:08","slug":"canada-aims-to-become-a-global-leader-in-cryptocurrency-innovation","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/09\/20\/canada-aims-to-become-a-global-leader-in-cryptocurrency-innovation\/","title":{"rendered":"Canada aims to become a global leader in cryptocurrency innovation"},"content":{"rendered":"<p><\/p>\n<div>\n\t\t\t<svg class=\"svg-sprite-icon blog__time-svg\">\n\t\t\t\t<use xlink:href=\"https:\/\/ocryptocanada.ca\/wp-content\/themes\/ocryptocanada\/dist\/images\/sprites\/sprite-mono.svg#time-clock\"><\/use>\n\t\t\t<\/svg><\/p>\n<p class=\"blog__when\">Last updated September 18, 2024<\/p>\n<\/p><\/div>\n<div>\n<p><span style=\"font-weight: 400;\">A Canadian MP has introduced a bill that could make Canada a world leader in cryptocurrency development and innovation. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Canadian Conservative MP Michelle Rempel Garner has filed a motion <a href=\"https:\/\/www.parl.ca\/legisinfo\/en\/bill\/44-1\/c-249\" target=\"_blank\" rel=\"noopener\">Bill C-249<\/a>If passed, the bill would require Canada\u2019s Finance Minister, Liberal Chrystia Freeland, to consult with cryptocurrency experts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consulting with cryptocurrency experts is the first step in creating a regulatory framework that encourages innovation in the cryptocurrency industry. The bill would also require legislation to be passed within three years. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The draft bill states: &#8220;<em>crypto-assets have significant economic and innovation potential for Canada. Among other things, the framework must focus on lowering barriers to entry into the crypto-assets sector while protecting those working in the sector and minimizing administrative burdens.<\/em>\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Commenting on the bill, MP Garner said: \u201cThis bill creates a mechanism to formally engage the expertise of crypto-asset innovators and investors in developing policy and creating a framework for growth.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Canada is already at the forefront of cryptocurrency innovation, launching the world\u2019s first Bitcoin ETF in 2021. Quebec is also home to over 9% of global Bitcoin mining. The regulatory framework and regulations would undoubtedly bolster Canada\u2019s move to become a center for cryptocurrency innovation. It could also result in billions of dollars flowing into the country. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Ontario Securities Commission recently banned several cryptocurrency exchanges in the province, but federal legislation will introduce regulations and guidelines across the country.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To be passed into law, the bill needs to undergo a second and third reading in the House of Commons and then in the Senate. It can then be signed by the Governor General. However, MP Garner, a member of the minority Conservative Party, would also need support from other parties. <\/span><\/p>\n<p><strong>We are building a Canadian Reddit cryptocurrency community. We would appreciate if you support us and join our Reddit community <a href=\"https:\/\/www.reddit.com\/r\/OCryptoCanada\/\" rel=\"nofollow noopener\" target=\"_blank\">Here<\/a>.<\/strong><\/p>\n<blockquote>\n<p>READ ALSO: Top Cryptocurrency Exchanges in Canada in 2022<\/p>\n<\/blockquote><\/div>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last updated September 18, 2024 A Canadian MP has introduced a bill that could make Canada a world leader in cryptocurrency development and innovation. Canadian Conservative MP Michelle Rempel Garner has filed a motion Bill C-249If passed, the bill would require Canada\u2019s Finance Minister, Liberal Chrystia Freeland, to consult with cryptocurrency experts. Consulting with cryptocurrency [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[29],"tags":[986,34,83,992,993,850],"class_list":{"0":"post-1857","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto-currency","8":"tag-aims","9":"tag-canada","10":"tag-cryptocurrency","11":"tag-global","12":"tag-innovation","13":"tag-leader"},"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Canada aims to become a global leader in cryptocurrency innovation - Financeify<\/title>\n<meta name=\"description\" content=\"Last updated September 18, 2024 A Canadian MP has introduced a bill that could make Canada a world leader in cryptocurrency development and innovation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeify.ca\/index.php\/2024\/09\/20\/canada-aims-to-become-a-global-leader-in-cryptocurrency-innovation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canada aims to become a global leader in cryptocurrency innovation - 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